Week 1 BADM 3401
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This 5 page Class Notes was uploaded by Camille Duarte on Saturday September 5, 2015. The Class Notes belongs to BADM 3401 at George Washington University taught by Sung Ham in Summer 2015. Since its upload, it has received 64 views. For similar materials see Basic Marketing Management in Business Administration at George Washington University.
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Can you just teach this course please? lol :)
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Date Created: 09/05/15
BADM 3401 91 09012015 Creating Customer Value and Engagement Marketing 0 A process by which companies create value for customers and build strong customer relationships to capture value from customers in return Understanding the Marketplace and Customer Needs 0 Customer needs wants and demands 0 Needs states of deprivation 0 Physical food clothing warmth safety 0 Social belonging and affection 0 Individual knowledge and selfexpression o Wants 0 Form that needs take as they are shaped by culture and individual personality Demands o Wants backed by buying power Designing a CustomerDriven Marketing Strategy 0 Market offerings combination of products services information or experiences offered to a market to satisfy a need or want 0 Exchange act of obtaining a desired object from someone by offering something in return 0 Markets set of actual and potential buyers Selecting which customers to serve 0 Market segmentation refers to dividing the markets into segments of customers 0 Target marketing refers to which segments to go after 0 Value proposition set of bene ts or values a company promises to deliver to customers to satisfy their needs Marketing Management Orientations Production concept 0 ldea that consumers favor products that are available or highly affordable Product concept o Idea that consumers favor products that offer the most quality performance and features Selling concept 0 Idea that consumers will not buy enough of the rm s products unless it undertakes a large Marketing concept 0 Idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors Societal marketing concept company should make good marketing decisions by considering consumers wants the company s requirements consumers long term interests and society s long run interests The marketing mix set of tools four Ps the rm uses to implement its marketing strategy Building Pro table Relationships and Creating Customer Delight Customer Relationship Management CRM the overall process of building and maintaining pro table customer relationships by delivering superior customer value and satisfaction Customer lifetime value value of the entire stream of purchases that the customer would make over a lifetime of patronage Share of customer portion of the customer s purchasing that a company gets in its product BADM 3401 93 09032015 The Marketing Environment Microenvironment Consists of the actors close to the company that affect its ability to serve its customers 0 Company suppliers marketing intermediaries competitors publics customers The Company 0 Top management nance RampD purchasing operations and accoun ng Suppliers 0 Provide resources to produce goods and services Competitors 0 Firms can gain strategic advantage by positioning their offerings against competitors offerings Marketing Intermediaries Help the company to promote sell and distribute its products to nal buyers 0 Resellers physical distribution rms marketing service agencies nancial intermediaries PubHcs 0 Any group that has an actual or potential interest in or impact on an organization s ability to achieve its objectives 0 Financial publics in uences ability to obtain funds banks investment analysts stockholders Media publics news features editorial opinion Government publics lawmakers and enforcers Citizenaction publics various interest groups Local publics neighborhood residents and community organizations 0 General public Customers Consumer markets 0 Business markets 0 Reseller markets OOOO 0 Government markets 0 International markets Macroenvironment Demographics Age Trends 0 Baby Boomers 19461964 35 percent of the population with 70 of the nations disposable income 78 million 0 Generation X 19651976 sometimes overlooked due to small size 49 million Skeptical consumers less materialistic family comes rst embraces new technology 0 Generation Y Millennials 19772000 these are the children of the boomers 83 million Financially strapped comfortable with digital technology twoway brand conversations interact with company 0 Generation Z 2000 tweens 812 20 million and spend 43 billion individually and in uence 200 B of self and parent s spending Demographics Family Structure 0 Out of 122 million households 0 19 married with kids 0 28 married without kids 0 18 single parents 0 34 nonfamily households 0 Increasing number of working women 58 of women and 40 are breadwinners Geographic shifts o Toward sunbelt states 0 Toward suburbs and micropolitan areas empty nesters o More working from home 0 Better educated more white collar more professional population 0 Increasing diversity 0 64 Caucasian 17 Hispanic 13 African American 5 Asian American Economic Environment 0 Are the factors that affect consumer purchasing power and spending patterns 0 Changes in consumer spending 0 Income distribution 0 Top 5 earn more than 22 of income 0 Top 20 earn 51 of income 0 Bottom 40 earn 115 of income 0 Technology most dramatic force in changing the marketplace lt created new products and opportunities and kills off older products 0 Political and Legal environment 0 Increasing legislation legislation affecting business around the world has increased steadily over the years 0 Business legislation has been enacted for a number of reasons protect companies from each other Protect consumers from unfair business practices Protect the interests of society against unrestricted business behavior 0 Increased emphasis on ethics such as socially responsible behavior and causerelated marketing 0 Cultural Environment 0 Core cultural values persistent and are passed on from parents to children and are reinforced by schools churches business and gov 0 Secondary Cultural Values Responding to the Marketing Environment Uncontrollable react and adapt to forces in the environment Proactive aggressive actions to affect forces in the environment Reactive watching and reacting to forces in the environment
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